seychelles
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Concise and powerful summary, as always by Stoneleigh. But one would think that devotees of this site would have thought through and initiated logical…but alas perhaps not appropriate…. defensive measures YEARS ago. We will only know for sure if our protective moves have been successful in retrospect, as the monsterPonzi implodes. And flexibility will almost certainly be in order, as TPTB are likely to change game rules abruptly to squash those slow to adapt. Confiscation of gold, outlawing and /or taxation of cash transactions and selective defaulting on payment of interest and principal on foreign-held debt are nightmare scenarios that may occur. Suffocating totalitarianism will be in place if digital money becomes our exclusive legal tender. My local credit unions generally refuse to connect with Treasury Direct, probably because they do not want to be confronted with the possibility of large (even non-cash) withdrawals. Some of the megabanks, such as BNY Mellon, also will not hook up with Treasury Direct. But who here would want an “account” with them, anyway?
In a few years, we will probably see (if there is still a free internet) old people in wheelchairs getting their heads bashed in (by our Fullerton PD
wannabees/WOT legionnaires) while protesting the confiscation of their pensions and SS payments. Bigger protests are coming but the ultimate trigger is not yet clear.Frank Richards said
“…el gallinazo left the commentariat yesterday…”Well that is certainly BAD news. Some will regard this as being in the wrong thread, but what was the feather that broke the vulture’s back? Whatever, hard to image he won’t get over it. Let’s hope soon.
Brian Pretti’s excellent commentary today at
https://www.financialsense.com/contributors/brian-pretti/cliff-notes-for-2013-what-lies-ahead
demonstrates that without student loans, the year to year change in consumer credit has been net negative since mid-2009 and that total consumer credit has also fallen by about 16% during this period. Big money, indeed.Superb and concise commentary, as always! I especially liked the emphasis on how the main purpose of preparing is not so much to preserve ourselves, but to facilitate the establishment of small self-sufficient communities that will survive and be the heritage seeds for whatever growth lies in store for a human experiment that learns from our
mistakes and is more ethical and prone to taking the pragmatic long view.Words of wisdom by Irving Fisher quoted in today’s Elliott Wave Financial Forecast (subscription):
“Each dollar of debt still unpaid becomes a bigger dollar. If the over-indebtedness with which we started was great enough, the liquidation of debts cannot keep up with the fall of prices which it causes. In that case, the liquidation defeats itself. While it diminishes the number of dollars owed, it may not do so as fast as it increases the value of each dollar owed. Then we have the great paradox, which I submit, is the chief secret of most, if not all, great depressions. The more the debtors pay, the more they owe.” :silly:
Vulcanelli
First of all, either reinvest the matured proceeds or direct then to your C of I (Certificate of Indebtedness) file. Since you can transfer
from C of I to your linked bank acccounts within 24-48 hours, you only transfer to institutions that seem safe and preferably early in the week.
Second, you link to multiple banks, the safest-rated, hopefully at least
B+, that you can find in your area. With any luck, at least one of them will be functional when you need to transfer. You also have at least a three month stash of cash to tide you over any exceptionally rough periods. The idea is to minimize your risk in advance, but of course the
scenario will never be entirely risk-free.Very nice summary article and good to see El G posting again.
It is imperative in this politico-legal environment to have as few intermediaries between savers and their money as possible. This means closing down retirement accounts to preempt their legalized theft by authorized fiscal intermediaries. How can anyone who understands MF Global not come to this conclusion? Also, as the monetary situation deteriorates, retirement accounts, because of their “tax-privileged status” will be among the first to be forced into losing investments for the “good of the nation” and/or restricted payout timetables.
While it is taking Treasury Direct some time to dig out from the mess that they created from themselves, it is much easier to contact them than it was a month or so ago. Last week, I needed to speak with a representative on two different occasions and each time after phoning (304) 480-7711, I was able to speak with a courteous and helpful clerk after less than five minutes. It is MOST important to log into your TD account carefully and correctly to avoid a temporary lockout, as
they are grossly understaffed for direct interaction and the situation will be much worse (than recently) in a financial crisis.This sceptical Aussie interviewer doesn’t seem to have a clue what is coming…or might just be a typical MSM tool. Carbon tax=ultimate plum for the crony capitalists (if it is ever enacted). Focused and succinct discussion by NF, as always.
